- When it comes to user activity, BNB Chain surpassed Ethereum last month.
- Demand continues to drive the BNB rally on the weekly chart.
BNB Chain (BNB) has surpassed Ethereum (ETH) in terms of user activity over the past month, data from a blockchain analytics firm shows. DappRadar showed it
Across all decentralized applications (dApps) listed on the BNB Chain, a total of 4.18 million unique active wallets completed at least one transaction in the last 30 days, representing a 29% increase in user count.
During the same period, only 1.28 million active addresses were traded on Ethereum, a 13% decrease in user activity.
With the number of users growing by double digits, the number of completed transactions on the BNB chain during the period under review reached a total of 22 million.
On the other hand, Ethereum’s trading volume decreased by 44% over the past 30 days, reaching only 3.34 million.
Regarding network fees and resulting revenue, BNB Chain received $18.35 million in fees from users over the past 30 days. This represents a 50% increase in the monthly (MoM) fee paid by users to use the network.
These fees earned the chain $2 million in revenue.
Due to declining user activity, Ethereum’s fees and revenue grew only 10% last month. token terminal
BNB on weekly chart
At the time of this writing, BNB is trading at $305.80, with a price increase of 31% according to data from the past month. CoinMarketCap.
Prices of the coin evaluated within a broader time frame (weekly) showed that accumulation continued despite the 3% price correction recorded last week.
Source: BNB/USDT on TradingView
The coin’s Relative Strength Index (RSI) and Money Flow Index (MFI) are above the center line, suggesting that purchasing activity has exceeded circulation. At the time of writing, the RSI was 67.22 and the Money Flow Index (MFI) was 71.69.
Read Binance Coin (BNB) Price Prediction for 2023-24
BNB’s positive directional index (green) was significantly higher than the negative directional index (red), showing that bulls were dominating the market. This also confirmed that the buying trend in the market is strong.
The coin’s 50-day simple moving average (blue) is higher than its 200-day simple moving average (yellow), adding confidence to the position above. When these averages are in such positions, they are generally considered to indicate an upward trend.